St. Vincent will contribute US$723,711 to cash strapped LIAT

 St. Vincent and the Grenadines with 52 departures per week will contribute US$723,711, this as the airline is in need of an immediate injection of over US $5million dollars.

Shareholder governments of the cash-strapped regional airline, LIAT, is meeting in Barbados this evening to discuss the financial crisis facing the Antigua-based airline.

Gonsalves said that countries, including the four major shareholders –Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines – along with Grenada, have agreed to contribute to the US$5.4 million.

Barbados, which has the 116 weekly departures, the highest by LIAT, is being asked to contribute US$1.614 million, while Antigua and Barbuda, which has 69 departures, will contribute US$960,310.x

Dominica, is being asked to contribute US$347,938 in light of its 25 weekly flights, St. Vincent and the Grenadines with 52 departures per week will contribute US$723,711 while Grenada, which has 35 LIAT departures per week, is being asked to contribute US$487,113.

Gonsalves told legislators that said these five countries constitute the “A Group” and that while no other government has come forward in the face of the crisis, the shareholder governments are targeting a further three, namely Guyana, St. Kitts and Nevis and St. Lucia, for contributions of US$292,280, US$389,691, and US$584,536, respectively.

Gonsalves told lawmakers that LIAT’s shareholder governments have asked the airlines to refine the US$5.4 million.